The Queensland Resources Council has welcomed a new round funding from the State Government under its Collaborative Exploration Initiative.
QRC Chief Executive Ian Macfarlane said the new exploration grants were targeted at the underexplored areas in the mineral rich North West of the State.
“Globally it’s becoming more challenging to find new mineral deposits especially in the North West where resources are much deeper with dense ground cover,” Mr Macfarlane said.
“Every bit helps when it comes to exploration and these new grants can help unearth the State’s significant reserves of copper, nickel, zinc, graphite, and molybdenum and major deposits of cobalt, rhenium, scandium, tantalum, niobium, lithium, rare earths and vanadium.
“These critical minerals help support the global expansion of renewable energy, battery storage technology, the uptake of electric vehicles and state-of-the-art defence machinery.
“This is more good news for the exploration industry following the release of our exploration scorecard last month which found 58 percent of explorers planned to increase or significantly increase their exploration expenditure and 92 percent of drilling companies forecasting similar or increased spending over the next 12 months.
“QRC and its sister organisation the Queensland Exploration Council fully support the work of the Collaborative Exploration Initiative which has assisted the resource industry for more than 10 years, with 58 companies and almost 50 significant mineral deposit discoveries in underexplored areas of the State, including a significant silver-lead-zinc deposit and contributions towards Australia’s largest copper-cobalt resource.”
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